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EXHIBIT 99.1
RISK FACTORS

There is no Market for Our Common Stock and There can be no Assurance That a
Market Will Develop in the Future

Our common stock has never been traded on an exchange, and is no longer
traded on the Pink Sheets. This makes it more difficult for our stockholders to
buy or sell their common stock, or to determine the value of their stock.

Our Business is Subject to the Risks Inherent in the Real Estate Market and
General Economic Conditions and We Will be Required to Make Significant Capital
Expenditures to Develop our Existing Land Inventory

Real estate markets are cyclical in nature and highly sensitive to changes
in national and regional economic conditions, including, among other factors,
levels of employment and discretionary disposable income, consumer confidence,
available financing and interest rates. A downturn in the economy in general
or in the market for residential land or recreational property could have a
material adverse effect on our business, operating results and financial
condition. In addition, concentration in a given region may increase our
susceptibility to a downturn in such region. We have in recent years been
dedicating greater resources to more capital-intensive residential and
recreational land projects and the level of our inventory has increased
materially.

We will be required to make material capital expenditures to develop our
existing inventory as currently planned. There are substantial risks
associated with a large investment in residential and recreational land
inventory at any given time. These include the risks that:



| |  |  | Residential and recreational land inventories will decline in value due to changing market and economic conditions;                                                                                                        
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| |  |  | Development and carrying costs may exceed those anticipated;                                                                                                                                                               
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| |  |  | There may be delays in bringing inventories to market due to, among
other things, changes in regulations, adverse weather conditions or
changes in the availability of development financing on terms acceptable
to us; and
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| |  |  | Banks and other lenders will cease financing residential and
recreational land sold by Great Western with respect to which we do not
provide financing.                                                                    

During the last five years, we have not experienced any significant
deterioration of the markets where we operate. Furthermore, the we have
experienced steady increases in prices for our products over the last five
years. However, we may not be able to continue sales at our current levels,
our gross margins may decline or our past performance may not compare to our
future performance. See Managements Discussion and Analysis of Results of
Operations and Financial Condition  and Business.

We May be Unable to Service Our Debt or to Incur Additional Debt to
Finance Our Operations

We have significant interest expense and principal repayment obligations.
Moreover, we are required to seek external sources of liquidity to support our
operations, finance the acquisition and development of residential and
recreational land inventory, finance a substantial percentage of our sales and
satisfy our debt and other obligations. We anticipate that we will continue to
require external sources of liquidity to support our operations in the future.
Our ability to service or to refinance our indebtedness or to obtain additional
financing depends on our future performance, which is subject to a number of
factors, including our business, results of operations, leverage, financial
condition and business prospects, the performance of our receivables,
prevailing interest rates, general economic conditions and perceptions about
the residential and recreational land industries. In the future, we will be
required to negotiate new credit facilities for the acquisition and development
and the financing and sale of our mortgage loans of residential land
properties. No assurances can be given that such credit facilities will be
entered into or that we will be able to obtain sufficient external sources of
liquidity on attractive terms, or at all. Our existing credit facilities and
its future facilities, if consummated, will include, among other things,
various representations and warranties, conditions to funding, eligibility
requirements for collateral, affirmative, negative and financial covenants and
events of default. See Managements Discussion and Analysis of Results of
Operations and Financial Condition - Liquidity and Capital Resources, and
Business  Debt.

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Our level of debt and debt service requirements will have several
important effects on our future operations, including the following:



| |  |  | We will have significant cash requirements to service debt, reducing
funds available for operations and future business opportunities and
increasing our vulnerability to adverse economic and industry
conditions;
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| |  |  | Our leveraged position will increase our vulnerability to competitive pressures; and                                                                                                                               
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| |  |  | Funds available for working capital, capital expenditures, acquisitions and general corporate purposes may be limited.                                                                                             

Our debt service was $0.9 million and $2.8 million for the nine months
ended September 30, 2003 and the year ended December 31, 2002 respectively.

We are Dependent Upon Future Acquisitions of Land Inventory That May be
Difficult to Make or May be More Costly Than Anticipated

Our strategy with respect to the growth of our business depends in large
part on our continued ability to successfully acquire and develop new
residential and recreational property. We actively seek land acquisition
opportunities in the regular course of our business and we are engaged in
ongoing evaluations of and discussions regarding potential land acquisitions.
Such land acquisitions involve numerous short-term and long-term risks,
including diversion of managements attention and adverse consequences to cash
flow until the acquired property is integrated and developed. In addition, we
may be required to comply with laws and regulations of jurisdictions that
differ from those in which we currently operate and may face competitors with
greater knowledge of such local markets. Our land acquisition program could be
adversely affected if we are unable to identify and consummate suitable
acquisitions, are unable to integrate acquisitions successfully into our
operations or doe not generate sufficient cash for future acquisitions from
existing operations or through additional debt or equity financings.

Because most of our acquisitions are of land assets only, the risk
associated with our assets is limited primarily to the risks associated with
the land. Such risks include undisclosed liabilities, potential claims against
the seller for which indemnification will not be available (by virtue of caps
or otherwise), uncertainty as to future financial results, the failure of the
seller of a property or project to comply with applicable law in connection
with such property or project or otherwise (including the risks of monetary
liabilities and governmental liens and forfeiture), integrating distinct
business operations and projects, the increased demands acquisitions place on
management resources and other similar factors. If one or more of these risks
materialize our land acquisitions may not be profitable.

We May be Unable to Conduct Our Development Activities on Terms Acceptable
to us and May be Required to Abandon Certain of Our Development Activities

Our growth strategy involves certain inherent risks including the
following:



| |  |  | We may be required to make material capital expenditures to develop
our residential and recreational land property inventory (We estimate
that the total cash required to complete preparation for the sale of our
residential and recreational land property inventory as of September 30,
2003 was approximately $11.8 million);
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| |  |  | Planned development may be delayed or abandoned and development and
carrying costs may exceed those anticipated, possibly making the project
uneconomical or unprofitable;                                                                                                                                                        
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| |  |  | We may experience a fluctuation in quarterly results due to an
increase or decrease in the number of residential or recreational land
projects subject to percentage of completion accounting that requires
net profit on such projects to be recognized on a pro rata basis as
development is completed;                         
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| |  |  | The period between acquisition and sale of property may increase and
we may experience delays in bringing inventories to market, resulting in
decreased revenue and increased interest expense and carrying charges;
and                                                                                                          
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| |  |  | Inventories may decline in value due to changing market and economic
conditions.                                                                                                                                                                                                                                                  

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In addition, our construction activities typically are performed by
third-party contractors, and, accordingly, the timing, quality and completion
of such activities cannot be controlled by us. Nevertheless, construction
claims may be asserted against us for construction defects and such claims may
give rise to liabilities. New development activities, regardless of whether or
not they are ultimately successful, typically require a substantial portion of
managements time and attention. Development activities are also subject to
risks relating to:



| |  |  | The inability to obtain, or delays in obtaining, all necessary
zoning, land-use, building, occupancy and other required governmental
permits and authorizations;                                                                                                                                                                    
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| |  |  | Our ability to coordinate construction activities with the process of
obtaining such permits and authorizations; and                                                                                                                                                                                                                
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| |  |  | Our ability to obtain the financing necessary to complete the
necessary acquisition, construction, and/or conversion work at our
projects. In addition, certain states and local laws may impose
liability on property developers with respect to construction defects
discovered or repairs made by future owners of such property.

We Bear the Risks Associated with Increases in Interest Rates,
Delinquencies and Defaults on the Repayment of Loans by Buyers and Earlier Than
Anticipated Prepayment of Loans

We offer financing of up to 90% of the purchase price to all purchasers of our
ranch land properties who qualify for such financing. These loans are
collateralized by liens on the underlying property. As noted above, we require
external sources of liquidity in order to offer financing to our customers.
These loans generally are sold to third parties for 85% to 100% of the
principal balance of eligible loans. We are required to replace loans that
become delinquent or to pay down the amounts paid against such loans to remain
within required ratios. Approximately $1.2 million of the loans that have been
sold are outstanding. During the nine months ended September 30, 2003, we
received two loan chargebacks totaling $61,600. As of September 30, 2003, none
of the ranch land receivables that were held by us or by third parties under
sales transactions where we had a recourse liability were more than 30 days
past due. Our receivables generally bear interest at a fixed rate and our
borrowings bear interest at a variable rate. Therefore, we bear the risk of
increases in interest rates.

General economic conditions have an impact on the ability of borrowers to
repay loans. If the real estate market should experience an overall decline in
values such that the outstanding balances of these loans are greater than the
value of the mortgaged properties, the actual rates of delinquencies,
foreclosures and losses could be materially higher. An increase in delinquency
rates or defaults on our receivables could have a material adverse effect on
our business, operating results and financial condition. We may incur
substantial costs and delays in connection with our servicing of receivables,
including costs in foreclosing or realizing on our collateral and additional
marketing and sales costs with respect to reacquired property. No assurances
can be given that reacquired property will be sold at a profit.

All of our residential lot sales are to corporate customers, all of which
we believe to be in the top 25 builders in the city in which they operate based
upon a variety of factors, including volume, credit worthiness, experience and
reputation. Generally, these builders purchase lots under contracts that
require the purchase of a specified minimum number of lots. The builders often
rely upon their lines of credit to purchase the lots. The builders often rely
upon their lines of credit to purchase the lots. A market contraction or
credit contraction could cause the builders to be unable to honor their
purchase commitments.

We are Highly Dependent on our Key Personnel, Including our President and
Chief Executive Officer and our Business Prospects May Suffer if we Lose One or
More of Such Personnel

Our success depends to a significant extent upon the experience and
abilities of our senior management, including the experience and abilities of
our President and Chief Executive Officer, Jay N. Torok. The loss of the
services of Mr. Torok or the loss of one or more other members of senior
management could have a material adverse effect on us and our business
prospects. We have entered into an employment agreement with Mr. Torok. Our
continued success is also dependent upon our ability to hire, train and retain
qualified marketing, sales, development, acquisition, finance, management and
administrative personnel. Such personnel are in substantial demand and the
cost of attracting or retaining such key personnel could escalate over time.
There can be no assurance that we will be successful in attracting or retaining
such personnel.

Our Earnings are Subject to Variable Quarterly Results

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Our earnings may be impacted by, among other things, the timing of the
completion of the acquisition and development of our residential and
recreational land projects, a shortage of ready-for-sale inventory in our key
market areas, inventory write-downs, levels of loan losses, and the potential
impact of adverse weather and other natural disasters at our properties. In
addition, we are subject to any negative effect from adverse fluctuations in
the market generally, the credit markets or local employment conditions that
negatively impact our earnings.

The Cost of Compliance With or Violation of, Government Regulations,
Including Environmental Regulations, Could be Significant

Many of our projects are subject to extensive and complex federal, state
and local regulation, and we are required to comply with various federal, state
and local environmental, zoning, land use, consumer protection, anti-fraud,
labor, usury, truth-in-lending, equal opportunity, land sales, licensing and
other laws and regulations which govern our operations. Existing or future
regulations may have a material adverse impact on our operations by, among
other things, imposing additional compliance costs, delaying the period in
which projects are brought to market and limiting the interest rate which we
may charge to customers who utilize our financing. We believe that we are in
material compliance with all applicable laws and regulations to which we are
currently subject. However, laws and regulations applicable to us in any
specific jurisdiction may be revised or other laws or regulations (including
without limitation with respect to tax matters) may be adopted which could
increase our cost of compliance or prevent us from marketing or selling our
residential and recreational land properties or conducting other operations in
such jurisdictions or otherwise have a material adverse impact on our
operations. The costs of future compliance may be significant. Any failure on
our part to comply with applicable laws or regulations or any increase in the
costs of compliance could have a material adverse effect on our business,
operating results and financial condition.

We Operate in a Highly Competitive Business and May Not be Able to Compete
as Effectively as Some of Our Competitors

We believe we can effectively compete in our market areas. Our future
ability to locate, develop and sell attractive properties in the markets in
which we wish to operate or that the entrance of high profile and
well-established operators into our market areas may have a material adverse
effect on our operations. With respect to our real estate development
operations, we compete with builders and developers, and with respect to our
finance operations, we compete with banks, mortgage companies, other financial
institutions and government agencies offering financing of real estate, which
in each case may be more firmly established, have greater economic resources,
more depth of management and operate in wider geographic markets.

Natural Disasters and Uninsured Loss May Impair Our Ability to Sell Our
Properties

Certain of our residential and recreational land projects are located in
areas that are susceptible to flooding, fire and violent rainstorms. Our
properties could suffer damage as a result of wind, storms, floods and other
natural disasters. Any such damage could impair our ability to sell our
residential or recreational lots and to collect on outstanding notes receivable
and adversely affect our business, operating results and financial condition.

There are certain types of losses that are not generally insured because
they are either uninsurable or not economically feasible to insure and for
which we do not have insurance coverage. Should an uninsured loss or a loss in
excess of insured limits occur, we could lose a significant percentage of our
investment in any improvements at a particular project site, particularly at
our residential development projects.

Possible Environmental Liabilities May Impair the Value or Salability of
Our Properties

Under various federal, state and local laws, ordinances and regulations, a
current or previous owner, manager or operator of real property may be liable
for the costs of removal or remediation of certain hazardous or toxic
substances located on or in, or emanating from, such property, as well as
related costs of investigation and property damage. Such laws often impose
liability without regard to whether the owner, manager or operator knew of, or
was responsible for, the presence of such hazardous or toxic substances. Under
the Federal Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended, a lender may be liable either to the government or to
private parties for cleanup costs on property securing a loan, even if the
lender does not cause or contribute to the contamination. Certain states impose
a statutory lien for associated costs on property that is the subject of a
cleanup action by the state on account of hazardous wastes or hazardous
substances released or disposed of on the property. Such a lien will generally
have priority over all subsequent liens on the property and, in certain of
these states, will have priority over prior recorded liens including the lien
of a mortgage or deed of trust. In addition, under federal environmental
legislation and possibly under state law in a number of states, a secured party
which takes a deed in lieu of foreclosure or acquires a mortgaged property at a
foreclosure sale

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or otherwise is deemed an owner or operator of the property and may be
liable for the full costs of cleaning up a contaminated site. Such costs could
be substantial and are not limited to the value of property. We believe that we
are in compliance in all material respects with all federal, state and local
laws, ordinances and regulations regarding hazardous or toxic substances.

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